The following transactions pertain to Year 1, the first-year operations of Baird Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $4,800 cash by issuing common stock. 2. Paid $680 for materials used to produce inventory. 3. Paid $1,870 to production workers. 4. Paid $1,650 rental fee for production equipment. 5. Paid $110 to administrative employees. 6. Paid $107 rental fee for administrative office equipment. 7. Produced 400 units of inventory of which 330 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an income statement. (Do not round your intermediate calculations.) BAIRD COMPANY Income Statement for Year 1